Admiral Bay Reaches Record Production Levels in Kansas
13 February 2009 - 9:05AM
Marketwired
Admiral Bay Resources Inc. (TSX VENTURE: ADB)("Admiral Bay" or the
"Company") is pleased to announce that it has reached its
previously stated goal of 4 MMCFPD of gross sales from its Kansas
projects, a result of recent development activity. The Company has
completed the installation of 3 electric compressors and is adding
new third-party gas production in its Shiloh project. In addition,
the Company has completed the expansion of its gathering system and
the connection of 15 new wells in its Mound Valley project drilled
in 2008. The Company has also completed three wells in its
Devon/Ft. Scott project and is adding additional third-party gas
production. The Company expects continued gas sales growth as the
new wells de-water and through additional drilling and recompletion
work in its Kansas projects in 2009.
"We are pleased with the continued growth of production and
improved efficiencies in our Kansas coal bed methane projects,"
said Steve Tedesco, Admiral Bay Chief Executive Officer. "We have
achieved solid results from our last capital program and Admiral
Bay is now set for further low risk development with over 150
potential low-risk development locations along our recently
upgraded gathering systems in Kansas."
Annual General Meeting Results
Admiral Bay is pleased to announce that all items on the
previously announced agenda for the Company's Annual General
Meeting were approved by the shareholders. The meeting was held on
February 10, 2009 at the Company's corporate office in Denver,
Colorado.
Directors elected for the ensuing year are Bill Powers, Steve
Tedesco, Vern Swanson and Steven Quoy. Bill Powers will remain
Chairman of the Board, Steve Tedesco remains President and Chief
Executive Officer, and Robert Carington will remain the Company's
Chief Financial Officer.
Steven Quoy is the President and co-founder of AltaWind Energy
Corporation, a wind energy developer of utility scale electric
generation projects in North America . From 1984 to July 2008,
prior to establishing AltaWind, he was the Managing Director of
Fixed Income and Capital Markets for several Regional and NYSE
member firms, specializing in public and private debt financing,
structured debt and corporate finance. Mr. Quoy has been a frequent
consultant to numerous financial institutions and private trusts,
and has more than 20 years of experience in structuring capital
assets to manage interest rate risk and liquidity needs. He
received his Bachelor of Science degree in Business Management from
Metropolitan State College of Denver.
The Company granted 200,000 stock options to a Director of the
Company exercisable at a price of C$0.08 per share for a period of
five years until February 10, 2014.
Admiral Bay Resources Inc. (www.admiralbay.com) is an emerging
unconventional gas production company focused on the development of
projects in the Cherokee Basin in southeast Kansas and the
Appalachian Basin in Pennsylvania. Admiral Bay is listed on the TSX
Venture Exchange under the symbol ADB.
Statements in this release that are not historical facts are
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Readers are cautioned
that any such statements are not guarantees of future performance
and that actual developments or results may vary materially from
those in these "forward-looking statements".
The TSX Venture Exchange does not accept responsibility for the
adequacy of this release.
Contacts: Admiral Bay Resources Inc. Steven Tedesco President
& C.E.O. (303) 350-1255 (303) 617-8956 (FAX) Email:
stedesco@admiralbay.com Admiral Bay Resources Inc. Robert Carington
CFO (303) 350-1255 (303) 708-1861 (FAX) Email:
rcarington@admiralbay.com Website: www.admiralbay.com
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